US EditionEuropean natural gas futures spike 42.6% in wake of shutdown of major Gulf liquid natural gas supplier
QatarEnergy halted LNG production amid Middle East conflict, cutting about 20% of global LNG supply and triggering a 43% surge in European natural gas futures.
- On Monday, European natural gas futures spiked 42% after QatarEnergy said it would stop liquefied natural gas production amid the Mideast war, taking a top supplier offline.
- Shipping disruptions through the Strait of Hormuz have intensified as tanker traffic dropped sharply amid satellite navigation interference, with at least a dozen empty tankers diverted, affecting LNG transit from Qatar, which supplies roughly 20% of global LNG.
- Market readings show European whole gas prices surged 52% on Monday, with the April delivery natural gas contract in London rising about 43% to 115p per therm and ICE futures hitting 45.46 euros.
- Global markets reacted with losses and sector rotation as London's FTSE 100 fell about 1.6%, while Shell and BP gained 4.5% and 3.5%, and travel sector stocks slid sharply.
- In the UK, gas prices could raise household bills in the coming months as analysts warn that a prolonged LNG supply disruption would push Asia's spot LNG price up 130% to $25 per MMBtu, while U.S. LNG export capacity would not offset Persian Gulf losses soon.
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The conflict has triggered the price of natural gas in markets, which rises by 40 percent in just one day.
Energy Prices Surge as Tanker Disruptions and Facility Shutdowns Rattle Global Supply
FRANKFURT, Germany (AP) — Oil prices rose sharply Monday as disruptions to tanker traffic through the Strait of Hormuz chokepoint raised uncertainty about how U.S. and Israeli attacks on Iran would affect supply to the world economy. U.S. oil traded 7.6% higher at $72.12 per barrel, while international standard Brent was up 8.6% at $79.11 per barrel. Natural gas futures in Europe jumped more than 40% after Qatar, a major supplier, halted product…
Trump-Netanyhu criminal attack on Iran leads to shutdown of fifth of global gas
State-run QatarEnergy has announced it is shutting down its production of liquefied natural gas (LNG) after Iran’s retaliation to US-Israel attacks. The US-Israel axis has murdered Iranian leader Ali Khamenei and his family, along with more than 150 schoolchildren, as well as attacking Iranian hospitals and infrastructure. QatarEnergy’s Ras Laffan and Mesaieed facilities supply 20% of global LNG. Gas prices in Europe have rocketed. Along with ot…
In Qatar, Iraq and Saudi Arabia, plants stop producing oil and gas, and in Europe, prices are significantly increasing.
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